DigitalOcean Holdings, Inc. (NYSE:DOCN) Receives $39.83 Average Target Price from Analysts

DigitalOcean Holdings, Inc. (NYSE:DOCN - Get Free Report) has received an average recommendation of "Hold" from the thirteen research firms that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, six have given a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $39.83.

A number of research analysts recently weighed in on DOCN shares. UBS Group reduced their target price on DigitalOcean from $44.00 to $32.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. Needham & Company LLC reissued a "hold" rating on shares of DigitalOcean in a research note on Tuesday, May 6th. Stifel Nicolaus decreased their price target on shares of DigitalOcean from $40.00 to $33.00 and set a "hold" rating for the company in a research report on Monday, April 7th. Bank of America increased their price target on DigitalOcean from $28.00 to $31.00 and gave the company an "underperform" rating in a report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. boosted their price objective on DigitalOcean from $40.00 to $45.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 26th.

Insider Activity

In other news, insider Bratin Saha sold 3,948 shares of the business's stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $36.63, for a total value of $144,615.24. Following the completion of the sale, the insider now directly owns 358,696 shares in the company, valued at approximately $13,139,034.48. The trade was a 1.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.96% of the company's stock.

Institutional Investors Weigh In On DigitalOcean

Institutional investors have recently made changes to their positions in the company. KBC Group NV grew its stake in DigitalOcean by 37.6% during the 4th quarter. KBC Group NV now owns 2,884 shares of the company's stock worth $98,000 after buying an additional 788 shares during the last quarter. Pacer Advisors Inc. boosted its stake in DigitalOcean by 33.1% during the fourth quarter. Pacer Advisors Inc. now owns 5,712 shares of the company's stock valued at $195,000 after buying an additional 1,419 shares in the last quarter. Strategic Financial Concepts LLC acquired a new position in shares of DigitalOcean in the 4th quarter worth approximately $580,000. Allspring Global Investments Holdings LLC grew its position in DigitalOcean by 29.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 96,306 shares of the company's stock worth $3,284,000 after buying an additional 22,100 shares during the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in DigitalOcean in the fourth quarter worth approximately $5,382,000. 49.77% of the stock is currently owned by institutional investors.

DigitalOcean Stock Down 7.0%

Shares of DOCN traded down $2.09 during mid-day trading on Wednesday, reaching $27.78. 3,492,092 shares of the company's stock were exchanged, compared to its average volume of 1,265,004. DigitalOcean has a 52-week low of $25.45 and a 52-week high of $47.02. The company has a market cap of $2.53 billion, a price-to-earnings ratio of 32.68, a PEG ratio of 3.12 and a beta of 1.78. The company has a 50-day simple moving average of $29.55 and a two-hundred day simple moving average of $35.44.

DigitalOcean (NYSE:DOCN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.56 earnings per share for the quarter, beating analysts' consensus estimates of $0.45 by $0.11. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The company had revenue of $210.70 million for the quarter, compared to analyst estimates of $208.63 million. During the same quarter last year, the business earned $0.43 EPS. DigitalOcean's revenue for the quarter was up 14.1% on a year-over-year basis. As a group, equities research analysts predict that DigitalOcean will post 1.01 EPS for the current fiscal year.

DigitalOcean Company Profile

DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. The company's platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and growing digital businesses. It also offers infrastructure-as-a-service (IaaS) solutions comprising compute and storage services, as well as networking projects, including Cloud Firewalls software, Managed Load Balancers software, and Virtual Private Cloud (VPC).